Principal Financial Group Inc. Has $32.35 Million Holdings in Owens Corning (NYSE:OC)

Principal Financial Group Inc. cut its holdings in Owens Corning (NYSE:OCGet Rating) by 3.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 357,445 shares of the construction company’s stock after selling 14,451 shares during the period. Principal Financial Group Inc.’s holdings in Owens Corning were worth $32,349,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of OC. Nordea Investment Management AB increased its holdings in Owens Corning by 23.6% during the fourth quarter. Nordea Investment Management AB now owns 3,653,227 shares of the construction company’s stock worth $328,937,000 after buying an additional 696,841 shares during the last quarter. FMR LLC increased its holdings in Owens Corning by 509.6% during the first quarter. FMR LLC now owns 693,589 shares of the construction company’s stock worth $32,682,000 after buying an additional 579,805 shares during the last quarter. Millennium Management LLC increased its holdings in Owens Corning by 285.7% during the third quarter. Millennium Management LLC now owns 505,173 shares of the construction company’s stock worth $43,192,000 after buying an additional 374,186 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Owens Corning by 114.3% during the third quarter. Panagora Asset Management Inc. now owns 658,328 shares of the construction company’s stock worth $56,287,000 after purchasing an additional 351,110 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Owens Corning by 104.1% during the third quarter. Renaissance Technologies LLC now owns 543,800 shares of the construction company’s stock worth $46,495,000 after purchasing an additional 277,400 shares during the period. Institutional investors and hedge funds own 92.55% of the company’s stock.

OC opened at $93.22 on Friday. Owens Corning has a twelve month low of $79.35 and a twelve month high of $109.24. The company has a 50-day simple moving average of $90.77 and a 200 day simple moving average of $91.15. The company has a quick ratio of 1.14, a current ratio of 1.72 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 8.81, a P/E/G ratio of 0.61 and a beta of 1.37.

Owens Corning (NYSE:OCGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The construction company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.42. Owens Corning had a net margin of 12.20% and a return on equity of 24.44%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the prior year, the business posted $1.73 earnings per share. Owens Corning’s revenue was up 22.5% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning will post 11.65 EPS for the current fiscal year.

A number of equities analysts have commented on OC shares. JPMorgan Chase & Co. reduced their price objective on shares of Owens Corning from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, April 20th. Bank of America lifted their price objective on shares of Owens Corning from $112.00 to $119.00 and gave the stock a “buy” rating in a research report on Thursday, February 17th. UBS Group started coverage on shares of Owens Corning in a research report on Wednesday, January 19th. They set a “buy” rating and a $122.00 price objective for the company. Credit Suisse Group assumed coverage on shares of Owens Corning in a research report on Tuesday, April 5th. They set a “neutral” rating and a $105.00 price objective for the company. Finally, Truist Financial cut shares of Owens Corning from a “buy” rating to a “hold” rating and reduced their target price for the company from $115.00 to $85.00 in a research report on Tuesday, April 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $108.75.

About Owens Corning (Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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